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IS NOW A GOOD TIME TO BUY SARASOTA REAL ESTATE? YES, EVEN IF PRICES CONTINUE TO DROP!
Friday, September 3rd, 2010 at 2:55pm. 16 Views, 0 Comments.
And here is why.....I know prices are still dropping in some areas, but is this a good time to buy? The answer is a resounding YES. If you bought a $400,000 dollar home (for the purpose of illustration obtained a $320,000 loan) and that house drops 10% in the next year, the math is easy. You just lost $40,000. BUT - and this is a big BUT - if you obtained a loan today for that house at 4.25% and if that same loan in one year costs 6%, then the difference in payment is a lot LESS if you buy the house now. ($320,000 @ 4.25% = $1574 / $320,000 @ 6% = $1918) for a difference of $344 every month. Over 30 years, that difference is a whopping $123,840! One thing we have been assured of is that interest rates have to and eventually will be going up as the…
DID I MESS UP BY MISSING THE OBAMA TAX CREDIT? NO!
Friday, September 3rd, 2010 at 2:54pm. 7 Views, 0 Comments.
At the end of April (when the tax credit expired) the interest rate was hovering around 6% versus about 4.25% now. That means that if you took out a loan for $320,000, in April your loan would be $320,000 @ 6% = $1918 versus now $320,000 @ 4.25% = $1918, for a difference of $344 every month. Over 30 years, that difference is a whopping $123,840!
Despite what you read and see, homes ARE selling. Our team has been having a stellar year selling lots of homes for our sellers and finding quality homes at good prices for our buyers. We have become experts at distressed sales (short sales) and are CDPE certified, and we are even listing and selling some bank owned homes (REOs).
We are well aware that you have a choice in Realtors. We feel that now more…
FLORIDA CASH FOR CLUNKER AC SYSTEMS DETAILS ANNOUNCED!
Wednesday, August 25th, 2010 at 11:05am. 27 Views, 0 Comments.
State officials, announcing long-awaited details of its latest "cash for clunker" program Friday, said Floridians could snare a $1,500 flat fee rebate for replacing their central air conditioning systems with more energy efficient units starting this month.
The program opens Aug. 30, and will run through the end of the year or until the $15 million the Governor's Energy Office set aside for it runs out. But getting that cash back will be more complicated than it was for the new refrigerators, dishwashers and other items that tens of thousands of Floridians bought during the wildly popular "cash for clunker appliance" program earlier this year.
The money, which comes through federal stimulus funding approved last year, will cover only 10,000 rebates. By…
WAVE OF FORECLOSURES IN SARASOTA!
Wednesday, August 25th, 2010 at 11:04am. 22 Views, 0 Comments.
The wave of foreclosure filings that real estate experts had been anticipating all year began in a big way in July. Total filings in the three-county region jumped to 3,349 during July, a 40 percent increase from a month earlier and a 10.6 percent increase from July 2009. Charlotte County led the way with a 61 percent leap, while both Manatee and Sarasota counties saw their increases of more than 26 percent, data released by California's RealtyTrac Inc. shows.
Real estate analysts expect the number to keep growing in the months ahead because of two factors:
- A new wave of adjustable-rate mortgages resetting to higher interest rates.
- Banks feeling more comfortable about releasing supplies of unprocessed foreclosures because of increased demand and…
SARASOTA CONDO SALES CONTINUE TO SOAR IN JUNE!
Wednesday, July 28th, 2010 at 1:23pm. 42 Views, 0 Comments.
Condominium sales soared in the Sarasota real estate market during June when compared with those of a year ago. Last month 326 condo units changed hands in the Sarasota real estate market, up 53 percent from a year ago, but down from 384 in May and 406 in April. The June sales represented the fourth highest percentage increase in the state.
Prices in the Sarasota real estate market dropped 9 percent to $133,000 from $145,800 a year ago. This is also 13% from May.
This information is from the Sarasota Herald Tribune.
Don't forget to contact Re/Max Platinum Realty at 941-929-9090 for your needs in Sarasota real estate, as well as your needs for Siesta Key real estate and Casey Key real estate.
U.S. HOME PRICES SHOWED IMPROVEMENT IN MAY
Wednesday, July 28th, 2010 at 11:04am. 35 Views, 0 Comments.
Home prices rose in May for the second straight month as federal tax incentives pulled more buyers into the market. The Standard & Poor's/Case-Shiller 20-city home price index released Tuesday posted a 1.3 percent increase in May from April.
Nineteen of 20 cities showed price gains month over month. Minneapolis and Atlanta led the way with 2.8 percent and 2 percent increases, respectively. San Diego posted its 13th straight monthly gain.
Only Las Vegas recorded a price decline. That metro area hit a record low in May. Home prices there have lost 56.4 percent of their value since peaking in August 2006. While Detroit recorded a 0.7 percent increase from April, the average home price there is about the same as it was in 1994.
The Sarasota real estate…
STRONG SHOWING FOR JUNE IN THE SARASOTA REAL ESTATE MARKET!
Wednesday, July 28th, 2010 at 11:03am. 33 Views, 0 Comments.
Home sales in Southwest Florida soared during June, rising 35 percent in the Sarasota real estate market. June was the fourth straight month that sales topped the 1,000 mark in the Sarasota real estate market, a level that harkens back to the pace of summer 2005, when the real estate boom was still in swing.
The median sales price of $170,400 in the Sarasota real estate market was a 5 percent increase from a ago and up 2.4 percent from May, according to data released Thursday by Florida Realtors, the former Florida Association of Realtors.
The region's strong showing -- and a 17 percent spike in sales statewide -- was somewhat overshadowed by a 5.1 percent decline nationally, evidence that the broader housing market is struggling and may drag on the…
NEW HINTS OF RELIEF FOR HOUSING IN SARASOTA REAL ESTATE
Wednesday, July 28th, 2010 at 11:01am. 24 Views, 0 Comments.
Southwest Florida entered 2010 with dire predictions from a bevy of experts that a housing market showing signs of sales and price stability would be overwhelmed by summer with a wave of new foreclosures driven by the region's stubbornly high unemployment rate. But so far, that has not been the case. In fact, the most recent foreclosure data would seem to suggest that Manatee, Sarasota and Charlotte counties may have dodged the bullet.
The great unknown is just how many loans on properties will ultimately fall into the distressed category. Foreclosure filings in June hovered around their lowest point since summer 2009, according to data released Wednesday by RealtyTrac Inc., a California company that has been tracking the phenomenon.
Realtors will…
SARASOTA FLORIDA IS THE BEST BUY IN THE WESTERN WORLD!
Wednesday, June 30th, 2010 at 12:14pm. 72 Views, 0 Comments.
Reports show that Sarasota real estate is the best buy in the Western World!
The report, published in http://www.globaledge.co.uk/ ranks popular resort and second home locations around the world that reveals the cheapest western holiday home destination is Sarasota, Florida, which is little surprise given how much the market has fallen over the past two years and the number of agents currently selling distressed property to foreigners in the sunshine state.
Among the surprises: Apartments in Warsaw, Poland are selling for higher prices than Dubai.
Manhattan and Paris are running neck in neck, but Moscow makes them both look cheap. Little wonder that the Russians are on an international buying spree, with Hong Kong residents close behind them. With…
HOUSING SALES AND PRICES UP AGAIN IN MAY IN THE SARASOTA REAL ESTATE MARKET
Wednesday, June 23rd, 2010 at 1:48pm. 44 Views, 0 Comments.
Strong investor demand, declining inventories and a continued boost from the first-time home buyer tax credit pushed sales and prices of previously owned homes up in the Sarasota real estate market during May. More than 1,000 single-family homes changed hands for the second month in a row, a pace not matched since the boom year of 2005. Sales have not declined in the market since June 2009.
The median sales price in the Sarasota real estate market rose to $166,400, a 6 percent increase from a year ago and up 1.7 percent from April, according to an analysis of data released Tuesday by Florida Realtors, the former Florida Association of Realtors.
An analysis of court records by the Herald-Tribune showed that 25 single-family homes sold for more than $1…
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